Nasdaq Opens Near Records As Stock Market Extends Fed-decision Rally
U.S. stock-index benchmarks on Thursday opened higher, with the Nasdaq Composite on track to touch an intraday record, a day after the Federal Reserve lifted key interest rates, but implied that the U.S. central bank wasn't in a rush to hike rates. The Dow Jones Industrial Average [: DJIA] opened up 41 points, or 0.2%, at 20,990, the S&P 500 index gained 2 points, or 0.1%, at 2,387, while the Nasdaq Composite Index traded near its intraday record of 5,911.79, up 10 points, or 0.2% at 5,910. Weakness in the dollar following the Fed's policy decision on Wednesday also bolstered gold , sending it 2.4% higher, while yields on the 10-year Treasury note were at 2.52%, lower than where it started the week, as investors have bought government bonds, pushing yields lower after rates were increased by a quarter-point to a range of 0.75% to 1%. Typical bonds sell off, nudging yields higher as rates increase dilute the appeal of outstanding notes, but market participants said the less aggressive Fed stimulated buying. In corporate news, Oracle Corp. gained after reported quarterly results, while the public debut of Canada Goose Holdings Thursday was on investors' radars.
Copyright © 2017 MarketWatch, Inc.